Abu Dhabi National Oil Company (ADNOC) announced that it has signed an investment agreement with Singapore’s sovereign wealth fund (GIC), Emirates News Agency (WAM) reported.

Under the agreement, the Singaporean fund will invest $600 million in select ADNOC crude pipeline infrastructure, and acquire a 6% stake in ADNOC Oil Pipelines, which was newly formed.

GIC has now joined KKR, BlackRock, and the Abu Dhabi Retirement Pensions and Benefits Fund (ADRPBF) in this investing in ADNOC’s pipeline projects.

This is the first time the wealth fund invests in long-term capital in ADNOC’s core infrastructure, which marks increased global confidence in the UAE’s economy.

ADNOC’s Finance and Investment Director, Ahmed Jassim Al Zaabi, expressed delight for reaching this agreement as GIC is one of the world’s most renowned sovereign wealth funds.

The agreement is expected to be completed by Q4 2019.

ADNOC will lease 18 oil pipelines with a total length of over 750 kilometers and a total capacity of about 13 million barrel per day (b/d).

ADNOC recently announced that it has closed a pipeline infrastructure investment agreement with BlackRock and KKR to invest $4 billion into the midstream pipeline assets. The Abu Dhabi Retirement Pensions and Benefits Fund (ADRPBF) then agreed to further invest $300 million.

Under the agreement, a new company has been formed under the name ADNOC Oil Pipelines, in which ADNOC dominates a 57% stake, while BlackRock and KKR own a combined 40% stake, and ADRPBF owns 3%.